Economists predict those in the architecture, engineering and construction sector will see wage gains in the second half of 2014. They base the prediction on a recent hike in raises within the industry.
It used to require much labor and money to build a nuclear power plant in the U.S. However, a new design that relies on prefabricated modules was to have changed that. But Southern Co. is finding that isn't the case -- at least not at its under-construction Plant Vogtle. Quality issues of the components and learning curves have posed problematic and costly.
The New York Wheel project, which is slated to unveil a 625-foot observation wheel in about two years, will receive $150 million in foreign investments through the U.S. Citizenship and Immigration Services' visa program. The EB-5 program grants foreigners temporary visas if they invest a minimum of $500,000 in job-creating projects. Project CEO Rich Marin traveled to China in March and recruited 300 investors.
The joint venture of Skanska, Traylor and Shea Construction has been awarded a $1.6 billion contract by the Los Angeles County Metropolitan Transportation Authority to work on the $2.7 billion first phase of Los Angeles' Purple Line subway extension. Work involves the first 3.9 miles of the project. The entire project is scheduled for completion in 2023.
Hines and Magellan Development Group have started work on the first of a three-tower, mixed-use project in Chicago. The Wolf Point project, which will include a luxury residential tower and space for office, retail, hotel and additional residences, is being built to attain Leadership in Energy and Environmental Design Silver certification.
Over the course of the next few years, the improving economy could help boost construction spending, making it possible for U.S. total construction starts to reach $600 billion by 2016 and possibly $700 billion by 2018, according to Alex Carrick, chief economist for CanaData, a division of Reed Construction Data. Residential starts, tower construction and the energy sector's capital expansions are expected to contribute to play a big role. Sales of building materials are also expected to surge.